Budgeting

Saving Money On Utility Bills

February 25, 2021 By Joe Wallace Leave a Comment

Right now everybody wants to know about saving money on utility bills. The Texas winter weather debacle is a powerful reminder that it’s a very good idea to make sure your home is not robbing you of hard-earned money. The spikes in natural gas demand drove prices higher and people were suddenly forced to reckon with thousand-dollar-and-up utility bills.

When the power comes back on for these people, it’s entirely likely they’ll be wanting to learn how they can save money in the future with their utility bills, having been badly burned by things they didn’t see coming.

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Taking Stock Of The Home

After the initial shock of that dissipates, many homeowners and renters alike–myself included–want to double down on the efficiency of their homes to avoid losing money for preventable reasons.

My own version of this started by checking all my windows. Sure enough, mine were drafty. And it was below freezing outside when I checked, so you can imaging how that must have felt–realizing I’d been letting money literally blow away because of poorly sealed up windows.

Once I fixed that, I started looking at other things around the house; that drippy faucet suddenly had my full attention. The fact that my fridge needs to be turned up VERY high to keep my food cold means either I’ve got an overstuffed fridge (sometimes I do) OR a unit that needs to be maintained properly.

One area I was already thankfully squared away in? My thermostat. It’s one of the “smart” thermostats which have programmable timers and other functions designed to increase the energy efficiency of the home. This is an investment well worth making. If you have a “dumb” thermostat and own your own home, seriously consider one of these.

Saving Money On Utility Bills With Gadgets

One of the last things I did after fiddling with my already-fancy environmental controls (fancy for ME, this is one of the typical systems and not a “Cadillac of A/C and heating”) I immediately made the rounds of the house cleaning out the ductwork and grills, closing some and opening others to help maximize the airflow where it’s needed.

One thing I am glad I don’t have to change–most of my appliances are already those with Energy Star ratings. This is a good thing.

I don’t have any numbers to give you regarding how much all of this might save me–after all, this is a project I embarked on in the last week or two at the time of this writing. But the whole exercise left me feeling like my efficiency was on the rise and my money-wasting problems where the utilities are concerned are–with a bit of luck–fading in the background.

If you have never taken stock of your home in this way, don’t delay–you could be spending a lot more than you think unnecessarily.

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.

3 Free Things to Do in Dover, Delaware

February 17, 2021 By Allen Francis Leave a Comment

Did you know that Delaware is technically the first state of the United States of America? In December 1787, Delaware was the first of the original 13 colonies to ratify the U.S. Constitution and then become a state. The state capital of Delaware, Dover, can arguably be called the de facto first capital of the first three colonies to become states, but that is up to interpretation. And while the 46^th president of the United State, Joe Biden, was born in Scranton, Pennsylvania, he started his political career in Delaware. The state of Delaware, and its state capital Dover, has deep historical roots that you can learn about via numerous free city events. Here is a list of free things to do in Dover.

The Air Mobility Command Museum at Dover Air Force Base

The Air Mobility Command Museum located at Dover Air Force Base is a museum dedicated to showcasing the military and political aviation history of the United States. At the Air Mobility Command Museum, you can view, learn about and enter over 30 meticulously preserved aircraft.

All of the planes on exhibit at the Air Mobility Command Museum were used in the combat, political transport, and aviation history of the United States.

You will find a striking variety of historical aircraft at the Air Mobility Command Museum like the Lockheed T-33A Shooting Star fighter jet. The Lockheed T-33A Shooting Star fighter jet was a workhorse fighter jet in world War II and was nicknamed after a Lil Abner comic strip storyline from the era.

The C-141 Starlifter is a large, 114,000-pound aircraft that was used as a resupply and utility plane for military operations from the 1970s until the 2000s.

If you want to check out some interesting planes from history, check out the B-17G Flying Fortress. The B-17G Flying Fortress was conceptualized in 1935 but was not able to be mass-produced in time for use in WWII. So, the B-17G Flying Fortress was later used as an experimental aircraft and the prototype for the autonomous drones that exist today.

You even find an VC-9C, the aircraft used as Air Force Two to transport the Vice President, at the Air Mobility Command Museum is home.

Call ahead and arrange for a guided tour. All of the volunteers at the Air Mobility Command Museum are vetted, retired veterans who understand the mechanics and history of all 30 aircraft on exhibit.

The Air Mobility Command Museum closed on Mondays but is open Tuesday through Sunday from 9Am to 4PM. And the museum is also open on every Federal Holiday with the exception of Veterans Day.

Parking is always free at the Air Mobility Command Museum. If you are looking for free things to do in Dover, you will have a great time here.

Dover Days Festival

May 1^st is the annual date for the Dover Days Festival. The Dover Days Festival is an annual event that authentically celebrates Delaware’s history, culture, and heritage. It is the biggest festival and parade in the city and state.

And the Dover Days Festival is always initiated every year rain or shine. The Grand Marshal of the Dover Days Festival is the Delaware Governor.

And the festival acts as a living testament and continuum of the history of Delaware. Every year is another year where the Dover Days Festival adds to the rich history of Delaware.

Along with a parade, you will find a myriad of period-activities activities available at the Dover Days Festival. Every year, local actors and craftspeople dress in period-authentic clothing, build a colonial artisan village and take part in historical reenactment relative to the history of Delaware.

You and the family can enjoy rides in tethered hot air balloons or take part in traditional Maypole dancing events. And you will also find food, craft tables, music, and other events at the Dover Days Festival.

Of the free things to do in Dover, you will find fun for the whole family at the Dover Days Festival.

Delaware’s State Park Concert Series

Every year during the summer months, you and the family can go to free concerts in Delaware state parks for free.

You can listen to classical, big band, blues, and pop-oriented music played by local bands and musicians while you and the family sit on picnic blankets on the grass and enjoy.

Just check Delaware’s State Park’s website for more information. And while the concerts are free you will still have to pay for parking.

Free Things to do in Dover

Here is a list of additional free things to do in Dover.

If you want to take advantage of all the free things to do in Dover, make sure that you plan well in advance and call ahead.

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Financial Coping Advice in a Pandemic World

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.

Saving Goals For 2021

February 9, 2021 By Joe Wallace Leave a Comment

My saving goals for 2021 are radically different than in years past for obvious reasons–the global pandemic is forcing a lot of us to rethink our long-term plans with respect to saving money, getting a nest egg or maintaining one, and anticipating future financial problems.

Furloughs, layoffs, job loss…those were words we used a lot in 2020 and in the new year even with the promise of Coronavirus vaccinations and much more, it is entirely possible that we have NOT seen the true economic fallout from the last 12 months by a long shot.

Saving Goals = Making Certain Assumptions

Why do I say this? Because when you are planning your saving goals for the year ahead, you want to be able to assume certain things. When times are good, your local businesses staying in business depend on sales, advertising, partnerships, and more to survive and grow.

But the open-again, closed-again nature of the western world’s pandemic response means that some are treading financial water instead of thriving and the true extent of the damage might not be apparent until a business attempts to fully reopen and get back to business without the benefit of the same kind of cash flow, predictability in business, etc. of a “normal” year prior.

Layoffs, Furloughs, And The Damage Done

And that means a lot of us are in danger of losing our jobs when that damage is fully assessed. It would be pure speculation on my part to try to come up with a percentage of local businesses that might have to close once the damages are fully tallied.

So my saving goals for 2021 are more like “income diversity goals”. What I’d like to do is to maintain my current level of saving but in anticipation of a year that might be tight moneywise.

Anyone who works in the gig economy makes a smart move to have diverse income streams but in the current climate it’s no longer an option, really…even for those who think it is. You can’t afford to rely on one source of your income in a lot of cases because you simply don’t know what the future holds for your employer and subsequently for you.

So what’s my advice? This might be a very good year to assume that no gig or job is 100% stable. And instead of saving less, that actually means trying to save a bit MORE in anticipation that you might need to dip into your savings or contingency fund.

But short of that, here is my BEST advice:

While you are still employed and have a source of income coming in, it might be wise to consider planning ahead for later in the year when money could get tighter. What does this mean? Stocking up, slowly over time, essentials you might need to have at the exact moment when you are required to cut back on your spending instead of maintaining your current levels.

This means different things for different people. In my case, it means taking a bit of a financial bite NOW in anticipation of a major expense I’ll definitely have LATER–a laptop purchase is in my immediate future at the time of this writing because my current gear is older than five years and it’s at the end-of-support stages in a lot of cases.

So I’ll be cutting back on my usual indulgences (I can make coffee at home, thanks!) in favor of eating a bigger-than-usual expense now just in case I literally cannot make the same purchase again in six months due to a loss of income.

What this means for YOU is up to you. But it’s a good idea to plan and think this way just in case. Much of the time when I do this, I wind up laughing at myself later because there was no big emergency after all. But there have been a couple of cases where my prep did pay off, and I was seriously glad I did it.

Savings Apps to Try this 2021

App	Fess and minimum:	Best for:
Digit	30-day free trial period. $5 per month	Setting aside automatically
Acorns	$1 per month	Spare change investing.
Qapital	$3 membership	Letting you set rules to automate savings.

10 Reasons Why Saving Money Is Important Post-COVID

January 27, 2021 By Vicky Monroe Leave a Comment

The pandemic has shown us all that life can change in the blink of an eye. One day you can be employed, and the next you can lose your job through no fault of your own. This crisis is a salient reminder of why saving money is important. If you have a financial cushion, you’ll be able to weather challenges better.

Even after the coronavirus passes, you should still keep topping up your savings account to cover unexpected expenses like car repairs and medical bills. Saving up will also enable you to splurge on vacations and other wants without going into debt.

Before you go on and read about the top ten reasons why saving money is important, start saving by signing-up to these savings apps.

App	Fess and minimum:	Best for:
Digit	30-day free trial period. $5 per month	Setting aside automatically
Acorns	$1 per month	Spare change investing.
Qapital	$3 membership	Letting you set rules to automate savings.

Here are the top ten reasons why saving money is important in a post-COVID world.

Top 10 Reasons Why Saving Money Is Important

1. Career Changes

Studies have shown that four in ten jobs that went away during the pandemic may never come back. The industries that have been affected most are retail, restaurants, transportation, and warehousing.

If you’re in one of these fields, it may become increasingly difficult to find work as the number of available jobs shrinks. Saving extra money now can give you the cushion you need to retrain for a new career.

2. Emergencies

The pandemic has reminded us all that emergencies can happen at any time for reasons that are out of our control. Saving and building an emergency fund is important if you want to be financially prepared for unexpected events like health problems and unemployment.

3. Retirement

If a recession occurs toward the end of your working years, you may be forced to retire early.

Many workers in their fifties and sixties struggled to find new jobs after getting laid off during the pandemic. To provide for their families, some seniors took Social Security early, causing them to lose hundreds of dollars per month in retirement income.

To prevent this from happening to you, it’s important to have a robust emergency fund that can carry you through extended job loss.

It’s also a good idea to save a little extra money for retirement. That way if you are forced out of the workplace due to a recession or age discrimination, you’ll still have a big enough nest egg to live comfortably during your golden years.

4. College Funds For Your Kids

Many of the jobs that aren’t coming back after the pandemic are ones that only required a high school education. In the future as automation increases, it may be even more important to have a college education to stay competitive in the job market.

Setting your kids up with a college fund can give them the leg up in life they need and help them cover rising college costs without taking on lots of debt.

5. Buying a Home

Surprisingly, there was a big housing boom during the pandemic that caused home prices to rise substantially. If you want to be able to afford a home or investment property in this hot real estate market, you’ll need to start socking away some cash for a down payment.

6. Transportation Costs

If you’ve been telecommuting during the pandemic, you’ve probably saved a lot of money on gas and car insurance because you’re not driving to work. To prepare for increased transportation costs when you go back to the office, it’s a good idea to put the cash you’re saving now into a sinking fund.

If you have a fund set aside for car maintenance, you won’t need to worry or go into debt every time your car needs repairs.

7. Pay Off Debt

Tightening up your budget can help you put more money toward your debt and get it off your plate sooner.

Once you finally pay off your student loans or credit cards, you’ll feel a huge sense of relief. You’ll also be able to allocate more money toward savings and investments once your debt is gone, which will help you achieve your financial goals sooner.

8. Vacations

After being cooped up at home for months, you’re probably itching to take a vacation! Creating a vacation fund will enable you to take a nice trip once the pandemic ends without racking up credit card debt.

9. Medical Expenses

The coronavirus is an important reminder that even young, fit people can have a health emergency. Putting extra money in your HSA will help ensure that you can afford to see the doctor the next time you’re feeling unwell.

10. Peace of Mind

One of the biggest reasons why saving money is important is peace of mind. Having a financial cushion is incredibly reassuring because you know you can weather whatever challenges come your way.

Although it’s difficult to live below your means and delay gratification so you can save money, it’s definitely worth it to have a comfortable, financially secure life.

Diversify Your Income And Save Money

January 27, 2021 By Joe Wallace Leave a Comment

What does it mean to diversify your income in order to save money? If you are new to the idea of multiple income streams or multiple revenue streams, you might wonder why it pays to have more than one job. At least that’s true until you establish a financial goal you want to reach in as short an amount of time possible.

A traditional American way of life involves having one “main job” and many choose to work a part-time gig to help make ends meet.

That’s the simplest version of multiple income streams and a pretty effective one, too–especially if you choose a side hustle that pays well. Many choose gig-based work such as freelance writing, content creation, social media management, etc. while others may choose jobs that pay tips and reward good customer service.

But no matter what you choose, the outcome is the same–you have more than one revenue stream and if you plan your budget carefully you could find the extra money has the potential to pile up.

How To Diversify Your Income To Save Money

It’s not that you need any special coaching to apply for a second job–far from it. But what some people don’t realize about working more than one gig or adding a side hustle to help them save money? Being proactive to avoid burnout, job fatigue, quitting because of stress, etc. How do people who work all day at one job turn right around and report to ANOTHER job for part of all of their evening?

One way is to be smart about the side gigs you choose. Some people try to avoid getting a second job that is too similar to their main work. Do you work on your feet all day? A side gig that does NOT require you to keep standing a few hours more makes a LOT of sense.

Do you spend all your time answering calls, performing support work, or processing orders? Chances are good that a side hustle to help you get your financial goals accomplished should not feature any of these things.

Finding An At-Home Gig

Sometimes being able to work from home is the best, but some people simply don’t think to give themselves permission to look for such work. There are many customer service jobs that allow you to answer calls from your own home provided you have the appropriate computer/internet equipment to handle the work.

Other types of stay-at-home jobs involve writing, proofreading, editing, writing whitepapers or doing research, or even acting as a personal assistant. Check these marketplaces for job openings.

Platforms	Best For:
Fiverr	Finding Freelancers
Bark	Finding Unique Freelancers
Appjobs	Gig Economy Professionals

The key to finding such work lies in your ability to research local job posts, national calls for applications, etc. online using resources such as LinkedIn, Indeed, etc. But you can also find job-specific support groups and job boards. Have you looked in your local Facebook Marketplace, as well?

Turn A Hobby Into Income

Musicians, photographers, artists, woodworkers, and people good at crafting all find additional income opportunities by selling their wares or their skills online via Etsy, Patreon, and other platforms. You can diversify your income in this way, but it takes getting to know the various platforms and building a following there using best practices (NO SPAM!!).

While “turn your hobby into a diverse revenue stream” is fairly generalized advice, here’s one very specific thing you can do to see if you can turn your skills into income locally–look into local farmer’s markets, artist collectives, event spaces, and annual maker fairs to see if other people are vending or selling in ways you’re tempted to try yourself.

Don’t let the presence of “competition” worry you–this simply means there’s a real market for what’s being sold and you have a shot at that, too!

Turn Spare Change to Savings

Try these savings apps to turn your spare change to savings. It is never too late to start saving.

App	Fess and minimum:	Best for:
Digit	30-day free trial period. $5 per month	Setting aside automatically
Acorns	$1 per month	Spare change investing.
Qapital	$3 membership	Letting you set rules to automate savings.

Business Budgeting: Types, Importance, and Comparison Between Online Business Budgeting and In-House Budgeting

January 20, 2021 By Susan Paige Leave a Comment

A business has different elements that influence its success or downfall. It could be a single action that one does or fails to do. An example is a business budget, whose importance is echoed right from the start of the budgeting to when a business conducts an evaluation. Whether it’s a small business budget or advanced, this tool is essential for business planning. Check out this guide that defines and compares online budgeting with in-house budgeting.

Business Budget and Its Importance to a Business

A business budget is a method utilized to represent expenditure and revenue accurately in a business. Budgeting helps make important business decisions, for example, increasing or decreasing expenditure, hiring staff, and increasing marketing. More importantly, it is used to ensure financial security in most business settings.

If you are starting up a business, there is no point in creating a huge budget. A small business budget in the form of a small spreadsheet can work perfectly.

A budget should be realistic and detailed. Without a detailed and realistic budget, it may be hard to operate properly and generate the desired profit levels. In most cases, lacking a budget translates to a business going over and beyond its limited means before it begins rolling.

The Importance of Budgeting in a Business Setting

The importance of budget planning in a business setting can’t be stressed enough. Whether it’s a small developing or fully-developed company, creating a business budget is essential for accountability. Below are more detailed benefits of business budgeting;

Budgeting helps a business plan

A business proposal budget is important since it will serve as a business’ main tool for planning. It is part of the framework that ensures a business can and will start in most business settings. A business should create a yearly business budget in the beginning and develop it as time goes by.

The current financial situation of a business is considered. Other factors are also embraced to ensure the best initial projections. The business can look at past trends and create a more realistic forecast for the coming years.

The more detailed your budget, the easier it will be to make informed decisions based on your business budget plan.

Budgeting helps in financing

Financing is a crucial aspect of a business. If your business relies on investors or lenders for financing, a clear, detailed, and accurate budget is required. The larger your business setting is, the more advanced the budgeting should be. If you have to report to lenders or pitch to viable investors, a simple budget won’t just cut it. A properly designed budget will help you convince these parties otherwise. It will let you know if an increase in funds is necessary or a decrease.

Budgeting helps with staffing

Having a functioning business budget helps the management determine how many employees need to be employed for various tasks. A business should carefully consider the income-generating abilities of staff before hiring to prevent loss of revenue. You should hire or fire employees based on an in-depth evaluation of your financial situation.

What Does a Business Budget Do for Your Business?

In simple terms, budget planning involves listing your fixed and variable costs and deciding on fund allocation to match your business goals. A deeper understanding of the different budget types is important to understand what a business budget does for your business.

Master budget, which is a projection of the entire company. A master budget includes projections for items on your income statement, cash flow statement, and balance sheet. It mainly forecasts the entire fiscal year.
Operating budget. It includes expenses and revenues generated from daily business operations. Moreover, it depicts the administrative and overhead costs directly attached to the production of goods and services.
Static budget. Is made with a number based on planned inputs and outputs for every department. In essence, it determines how much a business has and will spend.
Cash flow budget. It helps your business to determine the cash amount generated during a specific period. A cash flow budget helps your company assess past practices to determine what’s working and what’s not, to make the necessary changes.

Therefore, what business budgeting does for your company is basically evaluating your business performance. When creating a business budget, it is important to understand which type you want to ensure proper record keeping and financial security.

What Is The Difference Between Online Business Budgeting and In-house Budgeting?

Most businesses are currently embracing the internet and doing things online. Online business budgeting is the biggest rival for in-house budgeting for several reasons.

Online budgeting involves the use of cloud storage. Cloud storage has almost unlimited storage and unmatched ease of access, unlike in-house budgeting.
Online business budgeting is considered safer than in-house budgeting since your budget documents do not stand physical damage, for instance, a fire outbreak.
Online business budgeting comes with many great features, unlike in-house budgeting. You can edit these without having to destroy the documents.
Surprisingly, online business budgeting is cheaper than in-house budgeting since you won’t have to spend lots of money to purchase stationary.

What Are the Benefits of Having Online Business Budgeting?

Online business budgeting is a more portable and less confined process. Carrying heavy budgeting tools is so hectic. That’s why you should embrace online budgeting, which allows you to edit your budget at the comfort of your travels using an internet device.
Online business budgeting motivates a business to articulate its goals, vision, and strategy to get there.
Online business budgeting enhances business scalability. Growth is important for businesses. Most businesses make the mistake of expecting rapid business growth. However, gradual growth is important, and having an online business budgeting tool to assist in this growth is vital.
Online business budgeting is easy to access.
Online budgeting also has improved security and general features to make the process seamless.

Conclusion

A small business budget is just as important as a big corporate budget. It all depends on the goals of your company. Creating a business budget does not have to be a hard process. It could be as simple as a spreadsheet that depicts where the money goes to and comes from. Ensure your business setting embraces budgeting, especially online business budgeting, to maintain or increase your financial security.

Contact Stamos & Stamos CPA Firm today to streamline all of your accounting and financial processes from bookkeeping to tax and financial plans. Our in-house CFO and outsourced CFO services take care of all your accounting and financial needs!